Financial Crime World

Bermuda Cracks Down on Financial Crimes with Public Awareness Campaign: “It’s Just Good Business”

Good afternoon, esteemed members of the media,

Today, we gather to announce a groundbreaking collaborative effort to combat financial crimes in Bermuda. We are joined by key figures from the government, regulatory bodies, and Bermuda-based businesses to launch an ambitious public awareness campaign, “It’s Just Good Business.”

Participants:

  • The Honorable Wayne Caines, JP, MP, Minister of National Security
  • The Honorable Wayne Furbert, JP, MP, Junior Minister of Finance
  • Cheryl-Ann Lister, Chair of the National Anti-Money Laundering Committee
  • Ross Webber, Bermuda Business Development Agency (BDA)
  • Grainne Richmond, Bermuda Insurance Management Association (BIMA)
  • Sylvia Oliveira, Bermuda International Long Term Insurers & Reinsurers (BILTIR)
  • Leila Madeiros, Association of Bermuda Insurers & Reinsurers (ABIR)
  • Michael Collins, Bermuda Bankers Association (BBA)
  • Amanda Outerbridge, Bermuda Monetary Authority (BMA)
  • Richard Winchell, Association of Bermuda International Companies (ABIC)
  • Kendaree Burgess, Bermuda Chamber of Commerce

Campaign’s Aim

The campaign underscores the importance of maintaining Bermuda’s reputation as a robust and credible jurisdiction for international business by highlighting ongoing efforts to uphold the highest standards in anti-money laundering (AML) and anti-terrorist financing (ATF).

Key Focus Areas

  1. Public Awareness: Creating awareness about financial crime prevention measures and emphasizing the importance of following regulations.

  2. Document Compliance: Emphasizing the significance of completing and submitting documents required by financial entities to maintain international standards.

  3. Report Suspicious Activity: Encouraging individuals and organizations to report any suspicious financial activity they encounter.

Suspicious Activity Reports (SARs)

SARs are vital tools for authorities in identifying and investigating potential cases of money laundering and terrorist financing. We encourage everyone to understand their reporting obligations and promptly provide reports to the Financial Intelligence Agency at 292-3422 or through their website at www.fia.bm for guidance.

Caribbean Financial Action Task Force (CFATF) Assessment

With an assessment by the CFATF scheduled for this year, it is crucial that we demonstrate our effectiveness in preventing and enforcing measures to combat financial crime as part of our commitment to transparency, compliance, and cooperation in our business dealings.

Campaign Coverage

These wide-ranging ads will run throughout the remainder of the year, reaching various audiences through buses, posters, newspaper and radio ads, social media channels, pens, stickers, television commercials, and motion graphics. Bermudian musician Mr. John Woolridge lends his voice to the campaign.

Collective Effort

The team at the BDA, BMA, and ABIC has led this initiative with significant contributions from international business associations and the corporate sector. We are committed to making this a successful venture.

Taking Action

By understanding and adhering to our roles in financial crime prevention, we can all contribute to keeping Bermuda a good place to do good business. Let us all participate in this critical endeavor as part of our shared responsibility to uphold Bermuda’s exceptional reputation.